Wu Shuo Daily Selected Crypto News + This Week's Macro Indicators
Powered by ChatGPT1. Elon Musk recently announced the formation of the "America Party," which will support Bitcoin
Elon Musk recently announced the formation of the "America Party," stating that the party will support Bitcoin, saying "fiat currency is hopeless." The new party aims to challenge the current two-party system in the United States and plans to play a decisive role in key bills by focusing on a small number of congressional seats. The party has not yet formally registered with the Federal Election Commission, and a specific roadmap has not been announced.
2. Trump administration's digital asset working group to submit first important crypto policy report on July 22
The Trump administration's "Digital Asset Market Working Group" will release its first important crypto policy report by July 22, covering regulatory and legislative recommendations. The report is led by David Sacks and Bo Hines, and jointly prepared by the Treasury Department, the Department of Commerce, the SEC, the CFTC, and other agencies, in response to the president's executive order earlier this year, which aims to strengthen the United States' leadership in the global crypto field. The content may include Bitcoin strategic reserve financing plans, fair access to the Federal Reserve's payment system for crypto companies, and other recommendations. The acting chairman of the CFTC said the report will become the government's "crypto roadmap."
3. Director-General of Investment Promotion Department of Hong Kong: There are currently potential stablecoin operators in talks to establish themselves in Hong Kong
Director-General of Investment Promotion Department of Hong Kong, Liu Kaixuan, stated that there are potential stablecoin operators in talks with its financial team regarding opportunities to establish themselves in Hong Kong. It is expected that related companies will be established shortly after the "Stablecoin Ordinance" takes effect next month. She stated that in the past two and a half years, 630 mainland companies have established themselves in Hong Kong, accounting for approximately 48%. Due to national policies supporting companies to go global, Hong Kong will become a springboard, and it is believed that mainland companies will continue to occupy a certain proportion of companies establishing themselves in Hong Kong in the future.
4. CoinShares: Digital asset investment products saw a total inflow of $1.04 billion last week
Digital asset investment products recorded net inflows for the 12th consecutive week, with a total inflow of $1.04 billion last week. Bitcoin investment products saw inflows of $790 million, a slowdown compared to the average inflow of $1.5 billion in the previous three weeks. Ethereum recorded net inflows for the 11th consecutive week, with an increase of $226 million last week. The average weekly inflow in the past 11 weeks accounted for 1.6% of its AuM, higher than Bitcoin's 0.8%.
5. Shenzhen issues risk warning: Beware of illegal fundraising by illegal institutions in the name of "stablecoins"
According to an announcement issued by the Shenzhen Special Task Force for Preventing and Combating Illegal Financial Activities, recently, illegal institutions have been illegally absorbing funds under the guise of concepts such as "stablecoins" and "digital assets," suspected of illegal fundraising, fraud, money laundering, and other illegal activities. Officials remind that most of these institutions have not been licensed by financial regulatory authorities, and the public should raise risk awareness and avoid being misled by high-yield propaganda. If relevant illegal activities are discovered, they can be reported to relevant departments.
6. Wu Shuo's Macro Indicators and Analysis This Week: Federal Reserve Meeting Minutes, End of U.S. Reciprocal Tariff Suspension Period
Abstract
Last week, U.S. June employment data showed a rare divergence, with the small non-farm payrolls surprisingly cold and the large non-farm payrolls hot. The "Da Piao Liang" bill was passed. This week, focus can be placed on the release of the Federal Reserve's monetary policy meeting minutes and the subsequent developments after the end of the U.S. reciprocal tariff suspension period.
Last Week's Review
U.S. June ADP employment -33,000, expected 95,000, previous value 37,000. June ADP employment decreased by 33,000, the largest decrease since March 2023.
The number of initial jobless claims in the United States for the week ending June 28 was 233,000, expected 240,000, and the previous value was revised from 236,000 to 237,000.
The U.S. unemployment rate in June was 4.1%, expected 4.3%, previous value 4.20%.
The U.S. seasonally adjusted non-farm payroll population in June was 147,000, expected 110,000, and the previous value was revised from 139,000 to 144,000.
The passage of the "Da Piao Liang" tax and spending bill marks a major shift in U.S. fiscal policy, from the Biden era's clean energy investment and social security expansion to a policy mix of tax cuts, increased defense spending, and strengthened immigration enforcement, significantly cutting funding for medical programs, food assistance, and clean energy projects. In addition, the bill also raised the U.S. debt ceiling by $5 trillion.
The ECB's June monetary policy meeting minutes showed that most underlying inflation indicators suggest that medium-term inflation will stabilize near the 2% target. Some also believe that interest rates may already be at an easing level.
Key Events & Indicators This Week
July 07
China's June foreign exchange reserves (USD 100 million)
July 09
China's June CPI YoY (09:30)
End of U.S. reciprocal tariff suspension period
July 10
Federal Reserve releases monetary policy meeting minutes (02:00)
U.S. initial jobless claims for the week ending July 5 (10,000s) (20:30)
July 11
2027 FOMC voter, San Francisco Fed President Daly speaks on the U.S. economic outlook (02:30)